“The property prospects in Penang, especially on the island, still look strong. There are property projects on the island which were 60% sold two weeks after the launch, according to feedback from local developers.

“There is strong demand in Penang particularly for properties priced from RM350 per sq ft onwards.

“The challenge in Penang is to come out with the right products for the customers,” he said after signing an agreement with Geo Valley Sdn Bhd chief executive officer to provide RM109mil financing for its two projects Pine Residence Condominium Development and Pine Sanctuary Semi Villas.